Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (q) 48 48 50 Revenue ($320.00q) Expenses: Wages and salaries ($4,000 + $82.009) Fuel ($23.009) $13,650 $15,360 $16,000 8,430 7,936 8,100 1,260 1,104 1,150 Airport fees ($650 + $38.00g) 2,350 2,474 2,550 Aircraft depreciation ($7.009) 336 336 350 Office expenses ($190 + $2.00q) 460 286 290 Total expense 12,836 12,136 12,440 $ 814 $3,224 $ 3,560 Net operating income The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget Flights 48 48 Planning Budget 50 Revenue $13,650 $ 15,360 $ 16,000 Expenses: Wages and 8,430 7,936 8,100 salaries Fuel 1,260 1,104 1,150 Airport fees 2,350 2,474 2,550 Aircraft 336 336 350 depreciation Office expenses 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 $ 3,560